ITC-03

ITC 03 is a GST form meant for the taxpayers who have opted for the GST composition scheme.

GST ITC 03 must be filed by taxpayers who are obligated to pay an amount which is equivalent to the Input Tax Credit (ITC) by means of an electronic credit or cash ledger. The payments, on the accounts of ITC, could be on the basis of:

Input held in stock.

Input contained in semi-finished goods or finished goods held in stock.

Capital goods or Plant and Machinery held in stock

I dont think so ITC 03 is be file by Migrated or fresh Registration to composition scheme

As per sub rule (3) of Rule 3 CGST Act , a registered person who opts to pay tax u/s 10 shall file CMP 02 means who is already registerd as reqular dealer & switch to composition scheme is liable to file ITC 03 , with in 60 days (As per the provsion of rule 44(4))

Hence no need to file ITC 03 who is migrated or fresh registration

but as per rule 3 sub- rule 3A they are required....??